Fifth Third Wealth Advisors LLC Buys 2,991 Shares of Tesla, Inc. (NASDAQ:TSLA)

Fifth Third Wealth Advisors LLC lifted its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,175 shares of the electric vehicle producer's stock after acquiring an additional 2,991 shares during the period. Tesla comprises approximately 0.6% of Fifth Third Wealth Advisors LLC's holdings, making the stock its 25th largest position. Fifth Third Wealth Advisors LLC's holdings in Tesla were worth $9,726,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in TSLA. Bank & Trust Co acquired a new stake in Tesla during the second quarter valued at $25,000. Valley Wealth Managers Inc. bought a new stake in shares of Tesla in the 2nd quarter valued at approximately $26,000. Abich Financial Wealth Management LLC increased its holdings in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer's stock worth $26,000 after buying an additional 81 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in Tesla in the third quarter valued at approximately $29,000. Finally, Clean Yield Group grew its position in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock worth $33,000 after acquiring an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent research reports. Morgan Stanley restated an "overweight" rating and set a $310.00 target price on shares of Tesla in a report on Thursday, October 3rd. Canaccord Genuity Group upped their target price on Tesla from $254.00 to $278.00 and gave the stock a "buy" rating in a research report on Thursday, October 24th. Jefferies Financial Group raised their target price on shares of Tesla from $195.00 to $300.00 and gave the company a "hold" rating in a research note on Thursday, November 14th. Citigroup cut their target price on shares of Tesla from $274.00 to $258.00 and set a "neutral" rating for the company in a research report on Wednesday, July 24th. Finally, Piper Sandler lifted their price objective on Tesla from $310.00 to $315.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Tesla has a consensus rating of "Hold" and a consensus price target of $230.18.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of the firm's stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $350.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares of the company's stock, valued at approximately $36,761,200. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 188,797 shares of company stock worth $57,616,781. Corporate insiders own 20.70% of the company's stock.

Tesla Stock Performance

NASDAQ:TSLA traded up $7.25 during mid-day trading on Tuesday, hitting $345.99. The stock had a trading volume of 66,015,559 shares, compared to its average volume of 96,021,508. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $358.64. The company's 50 day simple moving average is $254.75 and its 200 day simple moving average is $222.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The stock has a market cap of $1.11 trillion, a price-to-earnings ratio of 94.55, a PEG ratio of 10.42 and a beta of 2.29.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the previous year, the company earned $0.53 earnings per share. The company's quarterly revenue was up 7.8% on a year-over-year basis. On average, equities research analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current year.

Tesla Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.